DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Outdoor Furniture Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material; Product; and End User Residential, and Commercial" report has been added to ResearchAndMarkets.com's offering.

Asia Pacific outdoor furniture market was valued at US$4,137.69 million in 2018 and is projected to reach US$6,383.64 Million by 2027; it is expected to grow at a CAGR of 4.9% during 2019-2027.

Rising trend towards travelling and shift in lifestyle to drive the market

The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

A growing number of hotels and restaurants are further expected to propel the outdoor furniture market during the forecast period. Moreover, increasing the financial capacity of consumers to spend on leisure activities is inducing the consumer to spend a higher amount on outdoor furniture in the residential sector. Several homeowners are mainly focusing on enhancing the garden or open areas or balcony appearance with aesthetically appealing sitting areas. Lounge chairs, seating sets, and tables are some of the key products generating substantial revenue in the outdoor furniture market.

However, the plastic segment is expected register a higher CAGR during the forecast period. Based on product, the outdoor furniture market is categorized into chairs, tables, seating sets, loungers & daybeds and dining sets. In 2018, the seating sets segment accounted for a major share of Asia Pacific outdoor furniture market. As per end user the outdoor furniture is bifurcated into residential and commercial. In 2018, the residential segment accounted for a major share in the Asia Pacific outdoor furniture market.

A shift in consumer lifestyle has resulted in rise in investment in travelling and exploration activities. The travel and tourism sector has become a significant contributor in developing preference towards the use of outdoor furniture to enhance aesthetic appeal of commercial and residential spaces along with catering to luxury needs of consumers.

In the Asia Pacific region, China is the chief market in the region, followed by India and rest of Asia Pacific. The demand for outdoor furniture in Asia Pacific has surged owing to the adoption of better standards of living along with higher income level in the western parts. An upsurge in the demand for outdoor gardening and outdoor & rooftop seating has created a fruitful growth of the market in the Asia Pacific region. Rising disposable income, urbanization, and better lifestyles, further boosting the market.

The high purchasing power of the consumers results in rising demand for outdoor furniture. The manufactured outdoor furniture are marketed all across Asia Pacific. The Asia Pacific manufacturers at the nascent stage exported to other parts of the world. Besides this, the growing application of outdoor furniture in residential and commercial applications also supports the market for outdoor furniture in the Asia Pacific region.

The outbreak of COVID-19 pandemic has severely impacted the consumer goods industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. India has the highest number of confirmed cases of COVID-19 morbidities in Asia Pacific. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market.

A few of the key players in this market include are Agio International Company Ltd., Ashley Home Stores, Ltd., Barbeques Galore, Brown Jordan, Century Furniture LLC, Inter Ikea Systems B.V. and Keter Group.

Key Industry Dynamics

Key Market Drivers

• Rising Trend Towards Travelling And Shift In Lifestyle
• Growing Preference for Aesthetic Furniture

Key Market Restraints

• High Cost Along With Long Replacement Cycle May Impede Market Growth

Key Market Opportunities

• Rise in use of Multipurpose Outdoor Furniture

Key Trends

• Adoption of Eco-Friendly Materials

Companies Mentioned

• Agio International Company, Ltd.
• Ashley Home Stores, Ltd.
• Barbeques Galore
• Brown Jordan
• Century Furniture LLC
• Inter Ikea Systems B.V.
• Keter Group

For more information about this report visit https://www.researchandmarkets.com/r/7b89p9

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